It can just be held in a savings account, no special account needed, but I always keep mine in an account separate from anything else.

I've setup an LLC with a separate series for each of my rental properties (2 so far) I would like to set up a separate checking account for each series of the LLC.  

Is there one furnace for both units or separate ones? 

Maybe your situation is different and if you don’t feel comfortable in the neighborhood then this may be a moot point anyway.As for FHA, my understanding is that you must intend to live in the house for a year  it sounds like you did intend to, but due to unexpected circumstances- lead exposure and unexpected unsafe neighborhood- you have to move.

So I read that you can keep the last month's rent in your own account because it doesn't need to be separated; however, security deposits cannot be mingled with the landlord's other accounts or business funds.If that's the case (in Florida), does anyone know if you have 2 SFH, then do you need two separate savings accounts for each tenant's security deposit or can you combine them?

That would be a separate mortgage and not what amounts to a second loan on your personal residence, which if you have spouses, they might not be that into.

Can we start a separate Maryland Crab Cake thread!?

You do have to recapture depreciation.In your example you rented the property for 3 years and then moved in (let's say you lived in it then for 3 years).  

How long do they sit on the market, are you finding them in move-in-ready condition, or will they need work before you move in? 

Hi BiggerPockets Community,
I’m relocating to Danbury, CT, from Reading, PA, after accepting a new job. Coming from an area where rents are much lower (a 2-bed, 1-bath, 1,500 sqft rental averages $1,270/month), I was...